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This excerpt taken from the FL 8-K filed May 21, 2008. Negative Pledge”) and which is more restrictive than the Negative Pledge set forth in the Indenture; provided that nothing in this subsection (b) shall be construed to prohibit the Company or any of its Subsidiaries from entering in the ordinary course of business into supply
contracts, purchase contracts and leaseholds with respect to real property containing in each case customary non-assignment provisions.
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Section 5.07. Minimum Consolidated Tangible Net Worth. Consolidated Tangible Net Worth will at no time be less than the sum of (i) $1,604,000,000 plus (ii) 50% of the consolidated net income of the Company and its Consolidated Subsidiaries for each Fiscal Quarter ended on or prior to such time and after February 2, 2008 (if greater than zero). Section 5.08. Minimum Liquidity. If on the last day of any Fiscal Quarter the aggregate amount of (i) unrestricted cash on hand of the Company and its Consolidated Subsidiaries (excluding any such cash representing the proceeds of the Incremental Facilities) plus (ii) the excess of Total Commitments (excluding Additional Revolver Commitments) over the Total Usage (excluding usage under the Additional Revolver Commitments) is less than $350,000,000, then Excess Cash Flow for the four consecutive Fiscal Quarters ended on such date shall not be less than $25,000,000. Section 5.09. Limitation on Debt. Neither the Company nor any Subsidiary will create, incur, assume or suffer to exist any Debt, except: (a) Debt owed to the Company or to another Subsidiary; provided that any such Debt owed by any Obligor to any Subsidiary that is not an Obligor shall be subordinated to the obligations of such Obligor under the Loan Documents on customary terms satisfactory to the Administrative Agent; (b) Debt under the Loan Documents; (c) Debt consisting of non-contingent reimbursement obligations of the Company under trade letters of credit (other than any Letter of Credit) which reimbursement obligations are outstanding no more than one Domestic Business Day, and Guarantees thereof by any Subsidiary Guarantor; (d) unsecured Debt of the Company (excluding Debt outstanding under the Existing Credit Agreement) outstanding at February 2, 2008 and reflected on the balance sheet of the Company at February 2, 2008 and Guarantees thereof by the Subsidiary Guarantors; provided that any such Guarantee shall be subordinated to the obligations of such Subsidiary Guarantor under the Loan Documents on customary capital markets terms approved by the bank affiliate of each Joint Lead Arranger; (e) Permitted Additional Debt; provided that the aggregate principal amount of Debt outstanding at any time pursuant to this clause (e) shall not exceed (x) $128,600,000 minus (y) the aggregate principal amount of Debt outstanding at such time under the Company’s existing 8.50% debentures payable 2022 (the “ |
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